- Krakatoa Resources (KTA) has applied for a 580 square kilometre acreage in the Central Lachlan Fold Belt in New South Wales
- The four exploration licence applications comprise the Rand Project
- The Rand Project is prospective for multi-million-ounce mineralisation styles, including shear-hosted and intrusion-related gold systems
- Rand captures the Bulgandra Goldfield, which includes several mines that have historically produced gold grading up to 265g/t
- Company shares are currently trading flat at 9.9 cents each
Krakatoa Resources (KTA) has applied for four exploration licences which cover 580 square kilometres of the Central Lachlan Fold Belt, New South Wales.
The four exploration licence applications include ELA5982, ELA5985, ELA6012, and ELA6013. Together, these exploration licences make up the Rand Project which is located about 60 kilometres north-northwest of Albury in southern New South Wales.
The Rand Project captures the historical Bulgandra Goldfield, which comprises a number of several shallow mines that have historically produced gold grades of up to 265g/t gold or 8.53 ounces per ton.
Krakatoa believes the gold occurrences at Rand coincide with the significant gold deposits known as Intrusion-related gold systems (IRGS). Granite or sediment-hosted sheeted veins and stockworks like those already identified at Bulgandra are considered characteristics of IRGS systems.
Gold was first discovered at Bulgandra in 1894, with the peak of activity occurring in 1895 and 1896, and again between 1932 and 1935. It was in the second wave of mining where grades were very rich, including up to 256g/t found at Show Day Reef.
Additionally, gold grades of up to 29.4g/t gold were found at the Welcome Find Reef.
Gold mineralisation in the Bulgandry Goldfield is hosted in quartz lodes in a regionally persistent shear zone.
Krakatoa plans to undertake an in-depth review of the historical work completed at the project so it can generate targets for field activities.
Company shares are currently trading flat at 9.9 cents each after peaking at over 42 per cent higher this morning.